Bankers Backing EU Aid Highlight Doubt on Spain’s Finances

Spain should seek European money to rescue its failed lenders, said Banco Santander SA Chairman Emilio Botin, joining a growing number of bankers who question whether the government can manage the task on its own.

Botin, the 77-year-old head of Spain’s biggest bank, said 40 billion euros ($50 billion) in European Union funds for nationalized banks, including the Bankia group, would be enough to resolve the industry’s crisis. Budget Minister Cristobal Montoro said in an interview with Onda Cero radio today that Europe should provide funds to shore up Spain’s banks “because we’re not talking about astronomical figures.”